Sanlam is pleased to announce the combination of the investment administration business of Glacier by Sanlam and Absa’s market-linked investment services provider business.

In October 2021, Absa agreed to dispose a portion of its Linked Investment Services Provider (LISP) business to Glacier by Sanlam.

The transaction was subject to certain conditions, including regulatory approvals, which have now been fulfilled. The parties will proceed to integrate the businesses with effect from 1 November 2023.

Glacier by Sanlam’s Chief Executive, Khanyi Nzukuma said, “This is another significant milestone in Glacier’s history and growth. We are excited to welcome and engage with our new colleagues at Absa’s LISP business and clients, and to unlock the opportunities for all stakeholders. Service is at the heart of everything we do at Glacier, and we believe this transaction will ultimately benefit clients as we fulfil our purpose of growing and protecting their wealth.”

The Absa LISP transaction complements the transaction between Sanlam and Alexforbes’ LISP business completed in March 2023. Both transactions will enhance Sanlam’s competitiveness to provide LISP services and offer individual clients an enhanced experience through improved administration, addition of skilled talent, efficient solutions and user functionality enabled by Glacier’s technological capabilities.

Sanlam expects the scaled-up business to support its strategy to attain market leading positioning in its home base of South Africa, while creating sustainable, inclusive opportunities for the Group’s stakeholders.